Market Data as of Week Ending 11/27/2020 unless noted otherwise.

EQUITIES
U.S. stock prices advanced as investors responded to another round of positive vaccine announcements and more hurdles have been cleared for the transition to a new administration in the White House. Small and medium sized company stocks generally outperformed large company peers, while growth stocks lagged value counterparts. Cyclical sectors delivered the strongest gains led by the energy, financials, and materials sectors. Real estate was the only sector to decline for the week, while other defensive sectors such as utilities, consumer staples, and health care also lagged the S&P 500 Index. Developed foreign stocks in Europe and Asia lagged U.S stocks for the first time in several weeks, while Emerging Market stocks underperformed developed foreign markets.

BONDS
U.S. Treasury yields were mixed this past week as shorter term yields declined and longer term yields rose. Despite the news in the prior week that emergency Federal Reserve lending programs will not be renewed, high yield corporate bonds were once again the top performing asset class and government bonds lagged. Investment grade corporate bonds are yielding more than 1.8% and high yield corporate bonds are yielding approximately 4.8%.

MACROECONOMIC DATA
Economic data released during the week was mixed and continues to be overshadowed by coronavirus news. Weekly initial unemployment claims unexpectedly rose again for the second consecutive week to 778,000 and approximately 6.1 million Americans continue to claim ongoing unemployment benefits. Other disappointing reports included a 0.7% decline in the monthly personal income figure and consumer sentiment fell to the lowest level since August. Housing data remains robust as there were nearly 1 million new home sales in October. Coronavirus restrictions remain in place for much of Europe as Germany extended their restrictions through December 20 and Portugal declared a state of emergency for 15 days. European business activity declined as the services sector has suffered from recent coronavirus restrictions.

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Market Data as of Week Ending 08/14/2020 unless noted otherwise.

EQUITIES
U.S. stock prices were generally higher last week as economic trends demonstrate support for a sustained recovery. Analysts have increased S&P 500 earnings estimates for calendar year 2020 following steady declines that reached a bottom in July. There was no clear trend in performance based on company size; however, value stocks outperformed growth, regardless of company size. Value stocks outperformed despite negative returns in the real estate and utilities sectors. More cyclical sectors such as industrials, energy, materials, and consumer discretionary were the top performing sectors. Developed foreign stocks in Europe and Asia outperformed U.S stocks while Emerging Market stocks lagged developed foreign markets.

BONDS
U.S. Treasury yields rose again this past week. Investment grade corporate bonds lagged despite the yield advantage and favorable economic trends. Treasury bonds were the top performing segment as corporate bonds dealt with higher yields. While near term demand may have declined, investment grade corporate bonds are yielding approximately 2% and high yield corporate bonds are yielding more than 5.5%.

MACROECONOMIC DATA
Initial unemployment claims declined this week and fell below 1 million for the first time since the pandemic began in March. Other positive economic data included core inflation which rose 0.6% from the prior month, the biggest jump in almost three decades. On an annual basis, core inflation measured 1.6%, a four-month high, following 1.2% in June. Economic readings in Europe and Asia were mixed but stock prices were supported by a weaker US dollar and improved outlook that stimulus measures may accelerate the economic recovery.

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Market Data as of Week Ending 05/01/2020 unless noted otherwise.

EQUITIES

Stock prices were mixed for the week as local and state governments across the U.S. begin to relax social distancing and reopen parts of their economies. Small and medium sized businesses outperformed their larger counterparts for the second consecutive week. The S&P 500 Index gained 13% in the month of April which its was best monthly return since 1987. Developed foreign stocks in Europe and Asia posted strong gains for the week and Emerging Market stocks outperformed developed foreign markets.

BONDS

U.S. Treasury yields were also mixed for the week as short-term bond yields declined while long-term yields increased. Corporate bonds, including below investment grade, outperformed as investor demand increased for higher yielding credit. Investment grade corporate bonds are yielding more than 2.5% and high yield corporate bonds are yielding more than 8%.

MACROECONOMIC DATA

Jobless claims rose 3.8 million last week, bringing the total to more than 30 million Americans (approximately 18% of the U.S. working population) who have filed initial claims for unemployment insurance since the COVID-19 crisis began. In an advanced estimate, the U.S. reported that gross domestic product (GDP) decreased at an annual rate of 4.8% in the first quarter of 2020. Not surprisingly, the largest detractor was a drop in consumption of -7.6%. On a positive note, China has reported that Wuhan, where the pandemic began, has no remaining cases of COVID-19 in its city hospitals.

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